Sam Bankman-Fried sentenced to 25 years in prison for fraud

FTX founder Sam Bankman-Fried was sentenced to 25 years in prison Thursday, a court spokesperson told The Hill.

The disgraced cryptocurrency mogul was convicted last fall in the Southern District of New York on federal fraud and conspiracy charges related to his role in the collapse of his crypto exchange firm FTX in November 2022.

“A lot of people feel really let down, and they were very let down, and I am sorry about that,” Bankman-Fried told the court Thursday before he received his sentence, according to CNN.

“I am sorry about what happened at every stage. And there are things I should’ve done and things I shouldn’t have.”

The collapse marked a dramatic fall from grace for Bankman-Fried, who became the face of the burgeoning crypto industry in Washington and notched high-profile celebrity endorsements from stars, including NFL legend Tom Brady and NBA star Steph Curry.

A jury found Bankman-Fried illegally used FTX depositor funds to bankroll a lavish lifestyle, purchasing luxury properties and private planes and making massive political donations. 

Campaign finance charges against the former publicly Democratic mega-donor were dropped, but Bankman-Fried admitted he also made “dark” contributions to Republicans.

Prosecutors had recommended a sentence of 40 to 50 years. Bankman-Fried’s lawyers had asked for a more lenient sentence of 63 months to 78 months, arguing the maximum 100-year sentence was “barbaric” and “grotesque” and that FTX investors were expected to get their money back.

As he handed down a 25-year sentence Thursday, U.S. District Judge Lewis Kaplan suggested that “there is a risk that this man will be in position to do something very bad in the future” and “it’s not a trivial risk at all.”

The Associated Press contributed.

Updated at 12:25 p.m. EDT.